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Macroeconomics III

Code 12094
Year 2
Semester S2
ECTS Credits 6
Workload TP(60H)
Scientific area Economics
Entry requirements No
Mode of delivery Face-to-face
Work placements Not applicable
Learning outcomes The main objective of the course is to improve the knowledge of supply-side macroeconomics, namely that refering to business cycles, money supply and economic growth. Students should be able to:
1 - Understand the mechanisms that generate a positively sloped aggregate supply curve;
2 - Identify and derive the macroeconomic equilibrium in the short-run and distinguish it from the long-run equilibrium;
3 - Identify and distinguish the different type of expectations and identify their role in the macroeconomic adjustment;
4 - Identify business cycles and their moments;
5 - Solve a model of real business cycles and use it to explain the propagation of a business cycle based in the intertemporal substitution mechanism;
6 - Identify the behaviour of the Central Bank and its consequences to macroeconomic stability;
7 - Identify the main growth facts and implement growth accounting techniques;
8 - Explain growth through the Solow model and its extensions.
Syllabus 1. Labor Market and Short-Run Supply Curve
1.1. Competitive labour market
1.2. Contrats and assymetric information
1.3. Short-run supply curve
1.4. Expectations and adjustment
1.5. Phillips curve
2. Real Business cycles
2.1. Data and stylized facts
2.2. A model of real business cycles
3. Monetary Policy
3.1. Inflation costs: welfare costs and seignoriage
3.2. The Central Bank and dynamic inconsistency
3.3. The problem of monetary policy delegation
4. Economic Growth
4.1. Data and stylized facts
4.2. Growth accounting
4.3. Solow model without technological progress
4.4. Solow model with technological progress
4.5. AK model
4.6. Solow model with human capital
4.7. The economics of ideas.
Main Bibliography Abel, A. and Bernanke, B. (2020), Macroeconomics, 10th Edition, Pearson Publishing.
Afonso, O., Vasconcelos, P.B., Neves, P.C. and Sequeira, T.N. (2019), Crescimento Económico – Uma abordagem Moderna e Novas Tendências, Grupo Almedina.
Larrain, F. and Sachs, J. (1993), Macroeconomics in the global economy, Prentice-Hall.
Sequeira, T., Neves, P. and Santos, M. (2018), Macroeconomia - Exercícios, Edições Sílabo.
Language Portuguese. Tutorial support is available in English.
Last updated on: 2021-06-15

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